Archive for Saturday, July 3, 2010

Home buyers nationwide win more time to claim tax credit

July 3, 2010


— President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000.

Buyers now have until Sept. 30 to close on a home sale to be eligible for the credit. The closing deadline was originally June 30. To be eligible, buyers need a contract that was in place by April 30.

The National Association of Realtors has estimated that about 180,000 otherwise eligible buyers were likely to miss out on the credit if the original deadline was upheld. It’s been difficult for some buyers to get their mortgages approved on time, as lenders work through a clogged pipeline of applications.


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